{
    "ok": true,
    "_meta": {
        "isin": "IE000G6GSP88",
        "asset_scope": "UK_COMPLEX_ASSET",
        "policy_mode": "ucits_default",
        "policy_mode_description": "UCITS ETFs default to non-complex unless leverage, inverse exposure, structured payoff, complex underlyings, or explicit comprehension-warning language is identified.",
        "classification_engine_version": "1.0.0",
        "prompt_version": "complex_asset_extract_v1",
        "captured_at_utc": "2026-08-08T08:28:54+00:00",
        "captured_unix": 1786177734
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    "classification": "complex",
    "confidence": 0.93,
    "review_required": false,
    "decision_rule_applied": "etf_leveraged_hard_complex_rule",
    "product_policy_branch": "ETF",
    "fund_name": "HSBC FTSE EPRA NAREIT DEVELOPED UCITS ETF",
    "isin": "IE000G6GSP88",
    "type": "ETF",
    "ucits": true,
    "asset_class": "Equity / Real Estate",
    "replication_method": "physical",
    "signals": {
        "leveraged": true,
        "inverse": false,
        "derivatives_mentioned": true,
        "derivatives_core_strategy": false,
        "derivatives_epm_only": true,
        "swaps": true,
        "funded_swap": false,
        "unfunded_swap": false,
        "synthetic_replication": false,
        "counterparty_risk": true,
        "structured_payoff": false,
        "capital_protection": false,
        "commodity_futures_roll": false,
        "contango_backwardation": false,
        "coco_or_at1_exposure": false,
        "clo_exposure": false,
        "complex_index": false,
        "priips_comprehension_alert": false,
        "securities_lending": true,
        "illiquid_or_hard_to_value_underlying": false,
        "physical_allocated_commodity": false,
        "crypto_digital_asset": false
    },
    "complex_factors": [
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    ],
    "non_complex_factors": [
        "UCITS fund",
        "Physical replication",
        "No inverse exposure identified"
    ],
    "consumer_understanding": {
        "risk_level": "high",
        "drivers": [
            "Daily leveraged exposure",
            "Compounding and path dependency",
            "Swap or FDI permission language identified",
            "Derivative powers appear permission-based rather than evidenced as core exposure",
            "Counterparty risk language identified",
            "Derivative use appears limited to efficient portfolio management, hedging or risk management",
            "UCITS ETF structure",
            "Physical replication or direct portfolio holdings"
        ],
        "plain_english_explanation": "The product uses leveraged exposure. Ordinary retail clients may not understand that leverage can magnify both gains and losses and, where exposure resets daily, compounding can cause returns over longer periods to differ significantly from the headline leverage multiple.",
        "appropriateness_note": "This is a product-level indicator of features that may affect general investor understanding. It does not determine whether the product is appropriate for a specific client and does not replace a client-specific appropriateness assessment."
    },
    "supporting_evidence": [
        {
            "source": "PRIIPS_KID",
            "signal": "leveraged",
            "quote": "Investment Leverage Risk Investment Leverage occurs when the economic exposure is greater than the amount invested, such as when derivatives are used."
        },
        {
            "source": "FACTSHEET",
            "signal": "swaps",
            "quote": "The Fund may invest up to 10% of its assets in total return swaps and contracts for difference."
        },
        {
            "source": "PRIIPS_KID",
            "signal": "counterparty_risk",
            "quote": "Counterparty Risk The possibility that the counterparty to a transaction may be unwilling or unable to meet its obligations."
        },
        {
            "source": "FACTSHEET",
            "signal": "securities_lending",
            "quote": "The Fund may enter into securities lending transactions for up to 30% of its assets. However, this is not expected to exceed 25%."
        }
    ],
    "supporting_data": "Hard complex product feature identified: Leverage. Policy mode: ucits_default. Product type: ETF. UCITS signal identified. Replication method: physical.",
    "missing_data": [],
    "warnings": [
        "counterparty_risk_language_identified"
    ],
    "sources": {
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            "url": "https://oppl.ai/apy/doc_store/IE000G6GSP88_KIID.txt",
            "found": true,
            "http_code": 200,
            "bytes": 9414,
            "error": null
        },
        "priips_kid": {
            "url": "https://oppl.ai/eu_kiids/en_txt/IE000G6GSP88.txt",
            "found": true,
            "http_code": 200,
            "bytes": 14444,
            "error": null
        },
        "factsheet": {
            "url": "https://oppl.ai/apy/doc_store/IE000G6GSP88_FS.txt",
            "found": true,
            "http_code": 200,
            "bytes": 15656,
            "error": null
        },
        "market_data": {
            "url": "https://api.londonstockexchange.com/api/gw/lse/search/autocomplete?q=IE000G6GSP88&size=3",
            "found": true,
            "http_code": 200,
            "bytes": 498,
            "error": null
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}